Brick on Top: The Most Recommended Real Estate Funds (FIIs) by Analysts for November 2025
- Why Are Brick-and-Mortar FIIs Gaining Traction Now?
- Meet the November All-Stars: Top 3 Most Recommended FIIs
- The Logistics Juggernaut: BTLG11
- Shopping Center Comeback: XPML11
- The Interest Rate Play: KNCR11
- The Supporting Cast: Other November Picks
- Final Thoughts: A Balanced Approach
- FII Investment FAQs
As Brazil anticipates potential interest rate cuts in early 2026, brick-and-mortar real estate funds (FIIs) are stealing the spotlight again. The IFIX index recently hit historic highs, signaling renewed investor confidence. Analysts highlight nine standout funds for November - with logistics malls and income-focused picks leading the charge. Here's your complete guide to where the smart money is flowing.
Why Are Brick-and-Mortar FIIs Gaining Traction Now?
The buzz around physical asset funds isn't accidental. With the Selic rate potentially decreasing in Q1 2026, assets like warehouses and shopping malls suddenly look more attractive. Carolina Borges from EQI Research notes, "The yield play in receivables funds remains decent, but the risk-reward balance for physical assets has improved dramatically since last quarter." The numbers speak for themselves - the IFIX index closed October at 3,593 points, its highest level ever.
Meet the November All-Stars: Top 3 Most Recommended FIIs
Three funds tied for the top spot with eight analyst recommendations each:
| Ticker | Fund Name | Type | Segment |
|---|---|---|---|
| BTLG11 | BTG Pactual Logística | Brick | Logistics |
| XPML11 | XP Malls | Brick | Shopping Centers |
| KNCR11 | Kinea Rendimentos | Paper | Receivables |
The Logistics Juggernaut: BTLG11
BTG's logistics fund is the heavyweight champion with R$4.6 billion in assets. Its 33 warehouses span 1.35 million square meters across prime locations. Itaú BBA analysts rave about its "technically superior facilities and credit-worthy tenants." Daycoval adds that long-term leases provide stability while e-commerce growth fuels appreciation potential. Frankly, it's hard to find a more bulletproof logistics play in Brazil right now.
Shopping Center Comeback: XPML11
XP Malls makes a surprising return to the leaderboard after months in the shadows. Its portfolio of 26 upscale shopping centers (75% in Southeast Brazil) demonstrates remarkable crisis resilience. As middle-class consumption rebounds, these Class A/B malls are positioned to outperform. The 330,000 sqm of leasable space doesn't hurt either - that's roughly 46 football fields of retail space!
The Interest Rate Play: KNCR11
Kinea's receivables fund remains the darling of yield hunters. With 99% of its portfolio tied to CDI rates, it's been printing money in the high-rate environment. Santander highlights its diversified 81 CRI portfolio with strong collateral. While brick funds get the headlines, KNCR11 continues delivering robust dividends month after month.
The Supporting Cast: Other November Picks
The analyst consensus identified six more promising options:
- BRCO11 (Bresco Logística): 6 recs - Logistics specialist
- TRXF11 (TRX Real Estate): 6 recs - Urban income properties
- KNSC11 (Kinea Securities): 5 recs - Receivables powerhouse
- PVBI11 (VBI Prime Properties): 5 recs - Corporate leases
- MCCI11 (Mauá Capital): 5 recs - Receivables expert
- LVBI11 (VBI Logística): 5 recs - Logistics up-and-comer
Final Thoughts: A Balanced Approach
While the brick funds dominate the recommendations, smart investors might maintain exposure to both physical assets and receivables. As one BTCC analyst quipped, "It's not about choosing between yield and growth - it's about finding the right mix for your risk appetite." With the economic winds shifting, November presents intriguing opportunities across the FII spectrum.
FII Investment FAQs
What makes brick-and-mortar FIIs attractive now?
The potential interest rate cuts in 2026 improve the valuation outlook for physical assets like warehouses and malls, creating better upside potential compared to recent years.
How does KNCR11 benefit from high interest rates?
With 99% of its portfolio tied to CDI rates, KNCR11's income increases when rates are high, allowing it to distribute more substantial dividends to investors.
Why did XPML11 suddenly become popular again?
Improved consumer spending forecasts and the fund's focus on premium shopping centers in wealthy regions make it well-positioned for economic recovery.
What's special about BTLG11's portfolio?
Beyond its massive scale, BTLG11 stands out for its modern facilities, long-term leases, and strategic locations serving Brazil's growing e-commerce logistics needs.
